"One of the most important criteria when selecting an advisor is information about their investment performance. However, only a small percentage of advisors currently disclose performance. While many SEC-registered advisory firms have embraced [Global Investment Performance Standards, or 'GIPS'] as a solution to provide performance information to prospective clients, GIPS specifically excludes brokers who manage nondiscretionary accounts for clients. By ignoring nondiscretionary accounts, GIPS effectively excludes brokers from providing performance information to prospects. Even those SEC registered advisors who might otherwise report performance frequently fail to do so out of fear they might run afoul of SEC ... and FINRA ... advertising regulations. A performance standard that covers advisors of all types (both investment advisers and brokers) will create a strong incentive for all advisors to calculate and disclose performance. Access to consistent performance across all advisors would assist consumers in their selection of an advisor, and help advisors efficiently grow their practices."